All Forum Posts by: Alan Feldman

In one of the latest podcasts, we hear David Greene say to take all advice with a grain of salt. Understand why your agent would recommend to flip rather than buy and hold. 

Also, what are your goals from investing? If flipping fits those goals, then it's a fit. If BRRRRing fits those goals, then it's a fit. If you are forcing the deal to fit because it just looks good on paper and your agent wants to close a deal; then maybe it's not a fit.

As for financing the deal, please check out some of the books and guides available on BP. 

@Tamara Whiteside, Does it still fit into your investing goals?

I was in a similar situation a few years ago after selling a business that I was a sole-proprietor of. Basically the mortgage lenders didn't like that I wasn't earning any income, and had I been approved while I was working and closed, things would of been much easier. 

I would caution you about that grey area between work. The lending bank may still require proof of employment at the closing. So don't commit unless you have the financials to support it.

Even though the deal will financially support itself, banks want to see a track record of performance before they allow rental income deals to stand on their own. For example, rental income will only count after a years worth of performance and tax records to prove it.

BTW, I'm not a financial advisor, so take this advise in stride, and seek advise from those that are.

With the surge in hard money lender scams, it might make sense to reach out to a hard money lender ahead of time so you can vet them and make sure you have all of the needed information to close the deal up front. 

A lot of the recent HML scams involve time-wasting techniques that draw out the process in the hope that you give up and pay them the last minute fees. Essentially holding your deal ransom unless you pay. They play into the limited timeline to close the deal to prey on your money, and then ultimately not give you the loan anyway.

Welcome! A good trick is to setup a keyword alert for your town/area name and topic interests. Then whenever someone posts about it you will get an alert. 

Then, go ahead and comment or reach out to them directly. 

Before you know it your connections will grow and you will learn more and more. 

A great resource for deals will be your local real estate investors meetings. Attend and start making contacts.

Another way is to seek out the wholesalers in your area. Beyond the ones that are at the REI meeting, do a Google search for wholesalers and request to be on their deal list.

I have an offer in on a 1973 SF, bank owned, as-is deal, for a house hack. I'm concerned that by the time the deal closes it will have sat through the entire summer of heat and humidity, rain and pests. And I have the feeling the previous owner was a smoker. I am planning a house inspection for my own information. What processes do you use to get rid of smells/odors? How do you get rid of years of dust in the HVAC vents? Do you recommend a chimney inspection/cleaning prior to firing up the furnace and hot water heater? What else should I be considering?

Many investors keep their 9-5 day job as they house hack/live in flip and save money. Do some research on your own into potential locations that offer a good mix of both possibilities. I know I have some places on my short list and my future goal is to live neat the beach on passive income from real estate.

I use Office365. That is comparable to Google Docs.

Grab David Greene's book on Long Distance Real Estate Investing and/or listen to some podcast episodes on the same topic